London/Paris – FirstPort, the UK residential property providers firm, at the moment broadcasts that it’s being acquired by Emeria, the European chief in residential actual property providers, from the corporate’s earlier majority shareholder, the mid-market personal fairness investor Equistone Companions Europe Restricted (“Equistone”). FirstPort will function as a subsidiary of Emeria, with its current administration workforce remaining in place and reinvesting within the group. The monetary phrases of the deal are undisclosed and completion of the transaction stays topic to approval by the Monetary Conduct Authority.
FirstPort works with builders, traders, freeholders and over 1,300 Resident Administration Corporations (RMCs) to offer providers to leaseholders. Equistone invested within the enterprise in 2019 and since then has helped drive its vital progress, each organically and thru a collection of strategic transactions. This included substantial funding right into a best-in-class digital platform known as the FirstPort Means, underpinning FirstPort’s transition in direction of a digitally led enterprise mannequin, and the growth of its service providing into new areas comparable to lettings and investor providers. The energetic buy-and-build programme supported by Equistone included FirstPort’s mixture with property and asset supervisor Mainstay Group and the acquisitions of Chamonix Estates, Arcturus Company and Freemont Property Managers. At this time FirstPort manages 313,000 residential properties throughout 5,600 developments, up from 196,000 houses throughout 3,900 developments in 2019. In that very same interval the corporate has grown its headcount from c.3,000 staff to three,800.
By means of its sale to Emeria, which is owned (on behalf of its shoppers) by Companions Group, a number one international personal markets agency, and TA Associates, a number one international progress personal fairness agency, FirstPort is becoming a member of the European chief within the residential actual property providers market. Emeria operates throughout 500 branches in France beneath the Foncia model and thru a community of over 200 branches beneath numerous manufacturers within the Benelux area, Germany, Portugal and Switzerland. Following the completion of the acquisition, FirstPort will stay operationally unbiased, with no influence on the corporate’s prospects, shoppers, staff or suppliers. The prevailing administration workforce stays centered on persevering with to ship distinctive customer support and additional progressing the growth of FirstPort’s service providing.
Nigel Howell, CEO of FirstPort, commented: “Our partnership with Equistone has been massively useful for FirstPort and essential to the foremost strides we have made within the scale, service providing and digitalisation of our enterprise in recent times. We’re now extraordinarily excited to be becoming a member of Emeria, the European chief in residential actual property providers. We are going to proceed to run the enterprise based on the identical key ideas as earlier than, specializing in delivering for our prospects and shoppers whereas evolving our technical capabilities to make sure we stay on the forefront of the market.”
Tim Swales, Companion at Equistone, stated: “It has been a pleasure working with Nigel and the whole FirstPort workforce by means of a particularly thrilling section of the corporate’s progress. In supporting a collection of buy-and-build acquisitions and natural progress initiatives, together with a transformational funding in FirstPort’s digital capabilities, we have been in a position to assist the corporate considerably develop its footprint, additional strengthen its service providing to all stakeholders and transition in direction of changing into a digitally led organisation with a collection of thrilling future initiatives. The enterprise is extraordinarily effectively positioned to proceed its wonderful efficiency beneath Emeria’s possession and we want them the easiest.”
Philippe Salle, President and Chief Government Officer of Emeria, stated: “The acquisition of FirstPort, the main property administration firm within the UK, permits French group Emeria to enter this market with fast scale, turning the European chief in residential actual property providers into the world #1 property administration group. It’s with nice delight that we turn out to be established in a brand new nation and welcome FirstPort’s skilled and profitable groups. This acquisition permits Emeria to strengthen its necessities for customer support high quality and to strengthen the Group’s positions by means of the acceleration of its digital transformation.”
Kim Nguyen, Companion, Co-Head Personal Fairness Companies, Companions Group; Board member of Emeria, stated: “The acquisition of FirstPort is a crucial milestone of Emeria’s worth creation journey. Our imaginative and prescient was to enter the UK at scale and turn out to be the primary participant within the high three markets in Europe: UK, France and Germany. There are tangible synergies between Emeria’s current manufacturers, comparable to Foncia, and FirstPort. We plan to construct on these to seize new income streams and add ancillary providers. Moreover, Emeria’s digital experience and robust integration observe report in different nations may be leveraged to additional broaden FirstPort’s footprint.”
Patrick Sader, Managing Director, Co-Head EMEA Companies Group, TA Associates, stated: “The acquisition of FirstPort helps Emeria’s technique to additional its worldwide growth and lead the consolidation of Europe’s extremely fragmented residential actual property providers market. FirstPort shares many similarities with Emeria, notably the standard of its enterprise mannequin and market management place, and can be capable to leverage Emeria’s best-in-class know-how and acquisition know-how to proceed its improvement all through the UK.”
Equistone was suggested on the transaction by Deloitte (M&A, monetary due diligence and tax due diligence) and Travers Smith (authorized).
For extra info please contact:
FirstPort Press Workplace
+44 (0)1425 632400
Hawthorn Advisors – for Equistone
James Davey / Dan Thomas
+44 (0)7872 003 601
Havas Paris – for Emeria
+33 (0)1 57 77 74 76
+ 33 (0)1 57 77 78 94
Notes to editors:
FirstPort is a full-service residential property supervisor with over forty years’ expertise. Caring for greater than 300,000 houses over 5,600 UK developments, FirstPort is the nation’s largest residential property supervisor. FirstPort has 3,800 staff and works with builders, traders, freeholders and over 1,300 Resident Administration Corporations.
FirstPort is a member of the Affiliation of Residential Managing Brokers (ARMA), the Affiliation of Retirement Housing Managers (ARHM), and Property Managers Affiliation Scotland (PMAS). It holds a 5 Star Score from the British Security Council, is an accredited Secure Agent and belongs to The Property Ombudsman Service. FirstPort holds a Silver Traders in Individuals accreditation and has been named as one of many UK’s High Employers by the High Employers’ Institute for the final 4 consecutive years. For additional info, please go to: www.firstport.co.uk.
About Equistone Companions Europe
Equistone is an unbiased funding agency wholly-owned and managed by its executives. The corporate is one among Europe’s main traders in mid-market buyouts with a powerful, constant observe report spanning over 40 years, with greater than 400 transactions accomplished on this interval. Equistone has a powerful concentrate on change of possession offers and goals to take a position between EUR25m and EUR200m+ of fairness in companies with enterprise values of between EUR50m and EUR500m. The corporate has a workforce of over 40 funding professionals working throughout France, Germany, Switzerland and the UK, investing as a strategic companion alongside administration groups. Equistone is at the moment investing its sixth buyout fund, which held a ultimate closing at its EUR2.8bn exhausting cap in March 2018, and has lately launched the Equistone Reinvestment Fund, with a mandate to make minority re-investments alongside new sponsors following a portfolio firm exit from one among its predominant buyout funds.
Equistone is authorised and controlled by the Monetary Conduct Authority. Additional info may be discovered at www.equistonepe.com.
Emeria holds manufacturers all through 7 European nations, specialising in joint property administration and rental administration, actual property brokerage, property administration, in addition to manufacturers overlaying a variety of actual property providers from stock and diagnostics to insurance coverage brokering, from safety to joint property upkeep, and together with the commercialisation of buildings.
Emeria is #1 within the joint property administration, rental administration and leases market in Belgium, France and Germany and #2 in Switzerland. Emeria additionally operates in Luxembourg, the Netherlands and Portugal, and is likely one of the European leaders in property administration.
Since Philippe Salle took the helm in 2017, the Group initiated a digital transformation, bringing a few revolution in residential actual property providers to strengthen the reactivity, transparency and experience of our groups to raised serve our prospects. The creation of the Emeria model comes at a time when the Group is accelerating its internationalisation and strengthening its place as a frontrunner in residential actual property providers.
Emeria operates primarily in Belgium by means of the OP and Trevi manufacturers, in France with the Foncia model (celebrating 50 years), in addition to Assurimo, Constatimmo, Efficity, Lodgis, Tech-Means, Seiitra or Stares, in Germany beneath the Reanovo model, in Portugal with Efficity, in Switzerland utilizing the Brolliet, DBS Group, Domicim and Gribi manufacturers, and throughout Europe by way of Esset.
For extra info: www.emeria.eu / Twitter @Emeria_EU / LinkedIn Emeria.
About Companions Group
Companions Group is a number one international personal markets agency. Since 1996, the agency has invested over USD 170 billion in personal fairness, personal actual property, personal debt, and personal infrastructure on behalf of its shoppers globally. Companions Group seeks to generate sturdy returns by means of capitalizing on thematic progress tendencies and remodeling enticing companies and belongings into market leaders. The agency is a dedicated, accountable investor and goals to create sustainable returns with lasting, optimistic influence for all its stakeholders. With USD 127 billion in belongings beneath administration as of 31 December 2021, Companions Group offers an progressive vary of bespoke shopper options to institutional traders, sovereign wealth funds, household workplaces and personal people globally. The agency employs greater than 1,500 various professionals throughout 20 workplaces worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Trade since 2006 (image: PGHN). For extra info, please go to www.partnersgroup.com or observe us on LinkedIn or Twitter.